Of the settlement, $675 million will go directly to the former players and their families, $75 million to medical exams, and the rest for research. The money will be paid in installments over 20 years, with half coming in the first three years. Because this is a consolidation and not a class action suit, not all players will receive the same amount of money—it will be distributed on a case-by-case basis..

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By avoiding trial, the NFL won't have to submit to the discovery process—we may never know what the league knew about concussions and when. And of course, there is no admission of liability.

The lawsuits were consolidated in a Pennsylvania court earlier this year. Last month, the two sides were ordered to mediation overseen by a retired judge, with Sept. 3 the deadline for an agreement.

The statement from the mediator says the money will "provide medical benefits and injury compensation for retired NFL football players, fund medical and safety research, and cover litigation expenses."

NFL VP Jeff Pash had this to say:

"This agreement lets us help those who need it most and continue our work to make the game safer for current and future players. Commissioner Goodell and every owner gave the legal team the same direction: do the right thing for the game and for the men who played it. We thought it was critical to get more help to players and families who deserve it rather than spend many years and millions of dollars on litigation. This is an important step that builds on the significant changes we’ve made in recent years to make the game safer, and we will continue our work to better the long-term health and well-being of NFL players."